“In Maryland, inventory remains a serious issue, which is reflected in the rise in prices, month after month, year over year, said Cheryl Abrams Davis, Maryland REALTORS®’ 2025 President.

We are anticipating at a busy year with sellers looking to cash out their equity and buyers hoping to avoid bidding wars and offer deadlines ahead of potential rate decreases. Here's what we saw going into the holidays at the close of 2024.

Maryland increased 1.4% in November 2024 to 5,216 units, compared to 5,146 units sold in 2023, according to the Maryland REALTORS®’ November 2024 Housing Statistics. The average sales price rose 5.5% to $489,996, while the median sales price grew 6.3% to $425,000.  

For comparison here's the top counties our team services and their current DOM + sales averages and rate of change.

• Anne Arundel Co; 9DOM $561,322 -4.6%

• Baltimore Co; 10DOM $425,309 +10.1%

• Queen Annes Co; 14DOM $570,022 +6.2%

• Kent Co; 14DOM $452,763 +20.1%

• Harford Co; 11DOM $427,138 +9.2%

Top county performers include Talbot County, where sales grew 69.4%, and neighboring Caroline County, with a 42.1% increase in sales.  The two counties witnessing the largest increases in the average sales price were Talbot County (60.5%) and Allegany County (31.1%). 

Statewide, units pending (houses under contract) grew 13.0%, and Days on Market—the number of days a house is available for sale before it moves off the market—grew to 12 days, versus 11 days in 2023.   

Experts anticipate a slight decrease in mortgage rates, potentially falling below 6% for the first time since the second quarter of 2022. This reduction is expected to enhance affordability and attract buyers who had previously delayed purchasing due to higher financing costs. With the anticipated decrease in mortgage rates and relatively stable home prices, buyer demand is expected to rise. This increase in demand may lead to heightened competition among buyers, potentially resulting in quicker sales and reduced housing inventory.

Our advice is to prepare early!

Have conversations about your goals and property before you think you need to. We offer Pre-Market walkthroughs to discuss and prepare a property for listing ofter 60-90 days ahead of schedule for your convience and peace of mind. This includes maintence schedules, repair recommendations, staging strategy and or Sellers Checklist.

Buyers looking to close in the spring should already be in conversation with their agent and lender about programs and pricing trends, to best prepare for house hunting.

Ask your agent for our SECRETS to BUYING and SELLING 2025 for Pro Tips.

-Lauren and Team